Find a bound to the probability using markovs inequality

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Reference no: EM131216265

Let X_k be a sequence of IID exponential random variables with mean of 1. We wish to

(a) Find a bound to the probability using Markov's inequality.

(b) Find a bound to the probability using Chebyshev's inequality.

(d) Find an approximation to the probability using the central limit theorem.

(e) Find the exact probability.

(f) Plot all five results from (a) through (e) for y > 25 and determine for what range of the central limit theorem gives the most accurate approximation compared with the 3 bounds.

Reference no: EM131216265

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